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mpm
Starting Member
2 Posts |
 Posted - 06 July 2009 : 22:16:41
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| I think we will have to declare bankruptcy.We have a joint coop account and my soon to be ex has a cashminder with coop. When should i open a new account for bills etc and to pay my rent. |
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debtinfo
forum expert
2826 Posts |
Posted - 06 July 2009 : 22:50:55
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| you may open a bank account at any time even after being made bankrupt. After the bankruptcy happens all sole accounts will be closed by the OR and your name will be taken of an joint accounts. The exception is that the OR will normally state that they have no interest in one account that has a balance representing your normal income. However the bank may close this of their own accord. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 06 July 2009 : 23:03:44
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Is the Co-op one of your creditors? If not, then you can always open a new cashminder account.
If you have difficulty with a normal bank, then you can try Thinkbanking or Clearcash. These both carry a monthly fee, but you don't have credit checks.
The glimmer gets brighter all the time
Jan
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Karen Jane
Starting Member
United Kingdom
42 Posts |
Posted - 06 July 2009 : 23:09:06
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| If you are going to be declaring in Sussex and have Brighton OR they will close all bank accounts you have prior to your bankruptcy so you would need to apply for a new one after bankruptcy. I believe they are the only OR's that do this. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 07 July 2009 : 11:03:28
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With regard to the mattrer of bank accounts I always advise clients to open a new bank account unlinked to any of their creditors and transfer salary/benefits etc into this new account - when completing the forms on the page which states please list all bank accounts - list all accounts held where you owe money etc but do not list the NEW bank account. When you have your appointment with the OR you can mention that you have openend a new account for salary purposes etc and provide them details at that point. This eliminates the risk of having your operating bank account frozen - yes it willbe unforzen but that can take up to 5 days depending on the speed the of the OR.
The above advice is given after many years experience both working in the OR's and 'outside' and having dealt with far, far too many bankruptcies to add up!
Your sttament of affairs should reflect all your debts - you are not doing anything wrong by not listing the new accaount so you have absolutely no need to worry, providing this is a new account not linked to any of your creditors
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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debtinfo
forum expert
2826 Posts |
Posted - 07 July 2009 : 17:58:02
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| Hi, i hate to disagree with a form expert but on this occasion i feel that i must. The SOA is a document relating to your entire financial situation not just your creditors. Sec 5.4 asks you to list all bank accounts not just ones that are overdrawn. In section 12 you sign a declaration to say that you have been entirely truthfully and therefore should be. By omiting data you automatically bring suspicion upon yourself where none is merited. Additionally depending on the bank your account may be frozen when you tell them you are bankrupt and if you do not tell them you may be in breach of the banks terms and conditions. |
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migmash
Starting Member
United Kingdom
25 Posts |
Posted - 07 July 2009 : 18:24:11
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| Hi Melanie.n, just looked at the above post, and wondered if you could help us in a similar situation?! Me and my wife will soon be declaring voluntary bankruptcy, and from what we have just read, I think we will also open a new a/c. We are considering approaching Nat West, and from what we have read here on this forum, those and the CO-OP, seem to be the most amiable/amicable! but we are not sure if we need to inform them that in the not to distant future, we will be going bankrupt? ? ! or do we need to tell them anything at all? If we do just simply go to them tomorrow for example, and start a fresh a/c and follow what you have said, ie:explain to the O.R. that the Wifes Tax credits/ child benefit/wages go into the a/c, are we bound by the O.R. to inform the Bank after our BR. Sorry to keep adding more questions. . . Many Fanx. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 07 July 2009 : 19:12:39
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I can't say about Nat West but I informed the Co-op when I opened an account with them that I was declaring BR in a week or two and they were fine with this. I managed to open the Cashminder (basic account) without any probs.
You aren't obliged to tell the bank that you are going to declare BR but it is advisable and saves them opening an account that could well be closed once you are BR i.e. not a basic account.
You also aren't obliged to inform your current bank once you are BR but they will find out anyway from the Insolvency Register/London Gazette.
As for putting the accounts on the SOA, debtinfo is correct is saying that the form asks you to put ALL accounts on the form however you can pretty much guarantee that any accounts on the form will be frozen and this can cause problems with DDs, income/benefits being paid in, etc. Missing a basic bank account off the form that has only been opened for a couple of weeks and hasn't had any credit problems wouldn't normally be seen as trying to hide something by the OR.
I opened an account with the Co-op 10 days before declaring BR and didn't put it on the forms. I had a quick call with the OR's Assistant on the day of the BR hearing and she asked if I had opened a new account. I gave her the details of the Co-op account and there weren't any problems. It was never questioned by the OR during the interview and wasn't frozen. |
Edited by - gettingoutofdebt on 07 July 2009 19:13:45 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 07 July 2009 : 20:25:26
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At present the safest account to have is the COOP cashminder account, and there is no reason that you shouldn't open this before bankruptcy.
If you are in the Brighton Official Receivers area then then insist that all accounts be closed down even though the COOP are fine about it.
If you want top risk another account then at least make sure that you don't go to court the day after you have been paid, because if the account is frozen for 7 - 10 days while you argue your case it is difficult to live of nothing
Planning, research and doing things in the right order will make a huge difference to you
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 07 July 2009 : 20:28:51
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Hi migmash
the natwest account will probably be closed by the bank so really suggest you open the coop cashminder account. get everything sorted out first in the right order.
the coop account is specifically designed for "challenged" credit histories so telling them you are br or about to be br is no problem. The only reason you can't open one is if they can't find you on the electoral register.
from your previous post don't ruch get the company sorted first.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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migmash
Starting Member
United Kingdom
25 Posts |
Posted - 07 July 2009 : 22:32:20
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| Gettingoutofdebt & Paul Johns, Many thanks once again from both of us. It seems odd that I have constructed many new-build properties, and none have been as confusing and complex or complicated as all this. If you don't mind, I might try and drain your brain a little again tomorrow?! Fanx again, nite z z z |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 08 July 2009 : 07:20:33
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quote:
Originally posted by Reviva UK
The coop account is specifically designed for "challenged" credit histories so telling them you are br or about to be br is no problem. The only reason you can't open one is if they can't find you on the electoral register.
Even if you aren't on the electoral register they will only ask for ID as this happened to me. When I tried to open the account over the phone it was deferred. About 4 days later I received a letter asking for proof of identity. I posted off a copy of my passport and a week later received my account details and electron card. |
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I think we will have to declare bankruptcy.
